Restaurants and Food Services
The restaurants and food services industry has seen significant challenges in the last three years. COVID-19 restrictions made for an extremely difficult period that the industry is still recovering from. Today, inflation is causing food costs to rise and continue to decrease margins. Historically high interest rates are causing even more stress on leveraged businesses, which has forced many that survived the pandemic, to close their doors.
But growth and opportunity within the industry persists. According to Statistics Canada, the food services industry across Canada had gross revenue of $77 billion in 2019 (pre-pandemic), $56 billion in 2020, $66 billion in 2021, $83 billion in 2022, and $36 billion through the first five months of 2023 – on track to surpass the previous year’s total.
The growing restaurants and food services space is an environment bursting with potential and ripe for innovation. Keeping up with consumers needs isn’t always an easy or predictable task but it’s a worthwhile undertaking.
MNP’s Food and Beverage service line brings years of experience to clients in the industry, enabling their businesses to grow and transform as the conditions, and customers, demand.
How we can help
Ease Bookkeeping
Our Ease Bookkeeping service line offers businesses the opportunity to get the benefits of an all-in-one accounting and bookkeeping system at a fractional rate. As more restaurants look to cut costs, while maintaining a high level of accounting accuracy, fractional bookkeeping services give them the chance to incorporate all their accounting needs into one cloud-based program.
Consulting
An MNP External Financial Advisor (EFA) adds an extra layer to our bookkeeping offerings, providing clients with strategic advice to help achieve financial and administrative goals. EFA’s are ideal for businesses who don’t have or don’t require a full-time executive finance role and can be utilized at a fractional rate to continue to control costs.
Strategic planning
MNP’s holistic approach to consulting enables restaurants and food services companies to gain insights into their businesses, develop strategic plans, and grow their operation with new insights and understanding. With an advisor’s support, business owners get a chance to see what it takes to grow and efficiently and effectively manage their operations, from help securing financing, expansion planning, and benchmarking to industry standards.
Government funding
Government supports like the Canada Digital Adoption Program (CDAP) offer restaurants and food service businesses a chance to transform by integrating new technologies into their everyday operations. The Boost Your Business Technology Grant enables a business to work closely with an MNP advisor to develop a plan to spend the funding with support from an advisor throughout the process.
Market trends
While trends can be fleeting, not embracing the evolving needs of customers presents a significant risk. Knowing what the people want, even if they only want it for a year, is key to staying competitive.
Here are some key trends happening in the restaurants and food space right now:
- Non-alcoholic beverages and mocktails
- Uniquely designed, architecturally interesting spaces with impactful atmosphere and up-to-date technology
- Condensed menus featuring local, artisan ingredients and premium products
Insights
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Performance
April 02, 2024
Five strategies to navigate the economic headwinds facing food and beverage processors
Against the backdrop of an uncertain economy, we assess how food and beverage businesses can improve operational efficiency, manage costs, and increase profitability.
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December 06, 2023
Planning for long-term success in your craft brewery
Whether you’re hoping to grow your brewery or position the business for sale down the road, setting yourself up for success means looking ahead.
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October 23, 2023
Managing your craft brewery’s cash flow amid economic uncertainty
Careful analysis and control make improving cash flow possible despite difficult and unpredictable times.
Contact Our Restaurants and Food Services Team
Matt MacDonald MBA
National Leader, Food & Beverage Processing
Matt is MNP’s National Leader of the Firm’s Food and Beverage Processing practice and a Business Advisor, Assurance and Accounting, in Mississauga. Matt proactively helps clients manage their business and set strategic goals for both their personal and professional futures. By leveraging his extensive experience working with family businesses and clients across multiple sectors, Matt helps his clients implement practical business advisory, tax, and accounting strategies, along with strong business fundamentals.
An active participant in the food and beverage processing industry and various associations across Canada, Matt brings more than 15 years of experience to his role as a trusted advisor.
Matt received an Honours Bachelor of Arts (BA) in political science and economics from McMaster University and a Master of Business Administration (MBA) in executive leadership and finance from Liberty University.
Matt has extensive board experience in both the private and not-for-profit sectors, most recently serving as a national director for Make-A-Wish Canada. He sits on the Oakville Chamber of Commerce board of directors.